Uwa Printers (Nig) Limited Vs Investment Trust Company Limited (1988)
LawGlobal-Hub Lead Judgment Report
WALI, J.S.C.
In 1976, the plaintiff company contacted the defendant company for a loan of N420,000.00 to set up a printing factory. At the request of the defendant company, the plaintiff company submitted a feasibility report. As a result of this report the defendant company offered to grant
to the plaintiff company a loan of N420.000.00 for the venture subject to the conditions stipulated in the offer.
The offer was accepted by the plaintiff and after satisfying all the conditions stipulated therein, the defendant refused and failed to honour its own side of the obligations. As a result of that breach the plaintiff, as per its paragraphs
18 and 19 of the statement of claim in an action filed in the High Court of Justice Calabar. claimed against the defendant company as follows:-
“18. In consequence of the matters aforesaid, the Plaintiff has been unable to fulfil several orders from customers and has lost the profits which it might otherwise have derived from and has been greatly injured in its trade and it has hereby suffered loss and damage.
PARTICULARS OF DAMAGE
SPECIAL DAMAGE
- Fees for Feasibility Study Report…N2,000.00
- Appraisal Fee… 2,100.00
- Stamp duties on increased share capital…2,850.00
- Filing fee – increased share capital 85.00
- Solicitor’s charges…700.00
- Insurance premium…2,757.40
- Cost of factory building…335,150.00
- Security cost from September, 1978 to
February, 1980 (18 months) 1, 080.00
- Valuation by Otu Udofa & Partners. 2, 700.00
9(a) Stamp Duty on Legal Mortgage. 2, 720.75
9(b) Sundry Expenses…2, 080.75
- Loss of profit from April, 1978 to date
at N322,838.04 per annum as per the
document entitled “Uwa Printers (Nigeria) Limited.”
45,676.08
Leave a Reply